NASDAQ : UAL
United Airlines Holdings, Inc. — Financial statements
Industrials · Airlines · United States
Last price 105.21 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 34.18B
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Financial statements
United Airlines Holdings, Inc. (UAL) reported revenue of 65.55B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 61.40B | 55.22B | 53.57B | 50.54B | 42.20B | 22.55B |
| Other Revenue | 4.15B | 3.85B | 3.49B | 3.18B | 2.75B | 2.09B |
| Revenue | 65.55B | 59.07B | 57.06B | 53.72B | 44.95B | 24.63B |
| Cost of Revenue | 45.32B | 39.01B | 37.53B | 35.72B | 31.77B | 21.37B |
| Gross Profit | 20.23B | 20.06B | 19.53B | 18.00B | 13.19B | 3.27B |
| Selling, General & Admin | 2.62B | 2.36B | 2.47B | 2.20B | 1.70B | 776.00M |
| Other Operating Expenses | 10.29B | 9.67B | 8.82B | 7.84B | 6.46B | 4.33B |
| Operating Expenses | 15.96B | 14.97B | 14.21B | 12.71B | 10.62B | 7.59B |
| Operating Income | 4.28B | 5.09B | 5.32B | 5.29B | 2.57B | -4.33B |
| Interest Expense | -1.13B | -1.17B | -1.40B | -1.77B | -1.67B | -1.58B |
| Interest & Investment Income | 578.00M | 611.00M | 726.00M | 827.00M | 298.00M | 36.00M |
| Other Non Operating Income (Expenses) | 33.00M | 42.00M | -34.00M | -24.00M | -75.00M | 62.00M |
| EBT Excluding Unusual Items | 3.76B | 4.58B | 4.61B | 4.32B | 1.12B | -5.81B |
| Merger & Restructuring Charges | -469.00M | |||||
| Gain (Loss) on Sale of Investments | 25.00M | 4.00M | -199.00M | 27.00M | 20.00M | -34.00M |
| Asset Writedown | -97.00M | |||||
| Other Unusual Items | 750.00M | -279.00M | -240.00M | -960.00M | -147.00M | 3.85B |
| Pretax Income | 4.53B | 4.31B | 4.17B | 3.39B | 990.00M | -2.56B |
| Income Tax Expense | 956.00M | 953.00M | 1.02B | 769.00M | 253.00M | -593.00M |
| Net Income | 3.58B | 3.35B | 3.15B | 2.62B | 737.00M | -1.96B |
| Net Income to Common | 3.58B | 3.35B | 3.15B | 2.62B | 737.00M | -1.96B |
| Shares Outstanding (Basic) | 324.30M | 324.90M | 328.60M | 327.80M | 326.40M | 321.90M |
| Shares Outstanding (Diluted) | 326.93M | 328.50M | 333.20M | 331.90M | 330.10M | 321.90M |
| EPS (Basic) | 11.03 | 10.32 | 9.58 | 7.99 | 2.26 | -6.10 |
| EPS (Diluted) | 10.92 | 10.20 | 9.45 | 7.89 | 2.23 | -6.10 |
| Free Cash Flow | 1.12B | 2.56B | 3.83B | -260.00M | 1.25B | -40.00M |
| Free Cash Flow Per Share | 3.41 | 7.78 | 11.49 | -0.78 | 3.78 | -0.12 |
| Gross Margin | 30.87% | 33.96% | 34.22% | 33.51% | 29.33% | 13.25% |
| Operating Margin | 6.53% | 8.62% | 9.32% | 9.85% | 5.71% | -17.58% |
| Profit Margin | 5.46% | 5.68% | 5.52% | 4.87% | 1.64% | -7.97% |
| Free Cash Flow Margin | 1.70% | 4.33% | 6.71% | -0.48% | 2.77% | -0.16% |
| EBITDA | 7.04B | 7.75B | 7.92B | 7.69B | 4.86B | -2.03B |
| EBITDA Margin | 10.74% | 13.13% | 13.87% | 14.32% | 10.80% | -8.23% |
| D&A For EBITDA | 2.76B | 2.66B | 2.60B | 2.40B | 2.29B | 2.30B |
| EBIT | 4.28B | 5.09B | 5.32B | 5.29B | 2.57B | -4.33B |
| EBIT Margin | 6.53% | 8.62% | 9.32% | 9.85% | 5.71% | -17.58% |
| Effective Tax Rate | 21.09% | 22.13% | 24.45% | 22.70% | 25.55% | |
| Revenue as Reported | 65.55B | 59.07B | 57.06B | 53.72B | 44.95B | 24.63B |
| Advertising Expenses | 250.00M | 235.00M | 221.00M | 165.00M | 99.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.65B | 5.94B | 8.77B | 6.06B | 7.17B | 18.28B |
| Short-Term Investments | 8.01B | 6.30B | 5.71B | 8.33B | 9.25B | 123.00M |
| Cash & Short-Term Investments | 14.65B | 12.24B | 14.47B | 14.39B | 16.41B | 18.41B |
| Receivables | 2.64B | 2.39B | 2.16B | 1.90B | 1.80B | 1.66B |
| Inventory | 1.95B | 1.56B | 1.57B | 1.56B | 1.11B | 983.00M |
| Prepaid Expenses | 746.00M | 671.00M | 662.00M | 609.00M | 689.00M | 745.00M |
| Restricted Cash | 11.00M | 31.00M | 45.00M | 37.00M | ||
| Other Current Assets | -1.00M | -1.00M | ||||
| Total Current Assets | 19.99B | 16.86B | 18.88B | 18.49B | 20.06B | 21.83B |
| Property, Plant & Equipment | 56.36B | 47.57B | 43.30B | 40.18B | 35.52B | 34.50B |
| Long-Term Investments | 1.46B | 1.19B | 1.10B | 1.64B | 1.37B | 1.42B |
| Goodwill | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B |
| Other Intangible Assets | 2.64B | 2.65B | 2.68B | 2.73B | 2.76B | 2.80B |
| Long-Term Deferred Tax Assets | 91.00M | 659.00M | ||||
| Other Long-Term Assets | 146.00M | 3.65B | 3.59B | 3.55B | 3.03B | 2.43B |
| Total Assets | 85.12B | 76.45B | 74.08B | 71.10B | 67.36B | 68.17B |
| Accounts Payable | 5.40B | 4.57B | 4.19B | 3.83B | 3.40B | 2.56B |
| Accrued Expenses | 3.01B | 3.90B | 3.29B | 2.94B | 1.97B | 2.12B |
| Current Portion of Long-Term Debt | 1.85B | 4.33B | 3.45B | 4.25B | 2.93B | 3.84B |
| Current Portion of Leases | 934.00M | 727.00M | 467.00M | 576.00M | 665.00M | 632.00M |
| Current Unearned Revenue | 14.76B | 11.85B | 10.96B | 9.80B | 10.25B | 8.59B |
| Other Current Liabilities | 691.00M | 757.00M | 948.00M | 806.00M | 779.00M | 560.00M |
| Total Current Liabilities | 26.64B | 26.13B | 23.31B | 22.20B | 19.99B | 18.30B |
| Long-Term Debt | 24.55B | 20.18B | 25.20B | 27.41B | 29.13B | 31.22B |
| Long-Term Leases | 6.96B | 5.79B | 4.51B | 4.50B | 4.57B | 5.37B |
| Long-Term Unearned Revenue | 3.88B | 4.06B | 4.04B | 4.05B | 3.98B | 4.04B |
| Pension & Post-Retirement Benefits | 825.00M | 1.06B | 1.23B | 1.60B | 1.42B | 2.92B |
| Long-Term Deferred Tax Liabilities | 3.09B | 2.46B | 1.58B | 594.00M | ||
| Other Long-Term Liabilities | 1.42B | 1.48B | 1.53B | 1.41B | 1.37B | 1.28B |
| Total Liabilities | 67.37B | 61.17B | 61.41B | 61.78B | 60.46B | 63.15B |
| Common Stock | 4.00M | 4.00M | 4.00M | 4.00M | 4.00M | 4.00M |
| Additional Paid-In Capital | 8.94B | 8.91B | 8.98B | 8.99B | 8.99B | 9.16B |
| Retained Earnings | 12.56B | 10.09B | 6.88B | 3.83B | 1.26B | 625.00M |
| Treasury Stock | -3.72B | -3.77B | -3.38B | -3.44B | -3.53B | -3.81B |
| Comprehensive Income & Other | -25.00M | 48.00M | 188.00M | -62.00M | 175.00M | -942.00M |
| Shareholders' Equity | 17.75B | 15.28B | 12.68B | 9.32B | 6.90B | 5.03B |
| Total Liabilities & Equity | 85.12B | 76.45B | 74.08B | 71.10B | 67.36B | 68.17B |
| Total Debt | 34.29B | 31.04B | 33.63B | 36.74B | 37.30B | 41.06B |
| Net Cash (Debt) | -19.64B | -18.80B | -19.16B | -22.35B | -20.89B | -22.66B |
| Net Cash Per Share | -60.08 | -57.22 | -57.50 | -67.34 | -63.27 | -70.39 |
| Filing Date Shares Outstanding | 324.89M | 323.43M | 327.34M | 328.03M | 327.09M | 324.63M |
| Total Common Shares Outstanding | 324.89M | 323.47M | 327.90M | 328.02M | 326.93M | 323.81M |
| Working Capital | -6.65B | -9.28B | -4.43B | -3.72B | 66.00M | 3.53B |
| Book Value Per Share | 54.65 | 47.24 | 38.66 | 28.43 | 21.09 | 15.53 |
| Tangible Book Value | 10.59B | 8.10B | 5.46B | 2.07B | -393.00M | -2.30B |
| Tangible Book Value Per Share | 32.58 | 25.04 | 16.67 | 6.32 | -1.20 | -7.11 |
| Machinery | 56.88B | 52.70B | 48.45B | 42.77B | 39.58B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.58B | 3.35B | 3.15B | 2.62B | 737.00M | -1.96B |
| Depreciation & Amortization | 2.76B | 2.66B | 2.60B | 2.40B | 2.29B | 2.30B |
| Other Amortization | 237.00M | 237.00M | 321.00M | 307.00M | 322.00M | 353.00M |
| Asset Writedown & Restructuring Costs | 97.00M | |||||
| Loss (Gain) From Sale of Investments | -4.00M | -4.00M | 199.00M | -27.00M | -20.00M | 34.00M |
| Other Operating Activities | 396.00M | 995.00M | 1.28B | 948.00M | 482.00M | -426.00M |
| Change in Accounts Receivable | -297.00M | -297.00M | 280.00M | -100.00M | -158.00M | -448.00M |
| Change in Accounts Payable | 674.00M | 674.00M | 178.00M | 572.00M | 796.00M | 985.00M |
| Change in Unearned Revenue | 906.00M | 906.00M | 1.16B | -383.00M | 1.59B | 1.83B |
| Change in Other Net Operating Assets | -93.00M | -93.00M | 288.00M | 575.00M | 24.00M | -695.00M |
| Operating Cash Flow | 8.16B | 8.43B | 9.45B | 6.91B | 6.07B | 2.07B |
| Capital Expenditures | -7.04B | -5.87B | -5.62B | -7.17B | -4.82B | -2.11B |
| Sale of Property, Plant & Equipment | 89.00M | 98.00M | 109.00M | 39.00M | 207.00M | 107.00M |
| Investment in Securities | -1.48B | -479.00M | 2.85B | 1.05B | -9.15B | 329.00M |
| Other Investing Activities | -319.00M | -95.00M | 3.00M | -23.00M | -69.00M | -1.00M |
| Investing Cash Flow | -8.76B | -6.35B | -2.65B | -6.11B | -13.83B | -1.67B |
| Long-Term Debt Issued | 578.00M | 6.14B | 2.39B | 736.00M | 11.10B | |
| Long-Term Debt Repaid | -4.77B | -10.14B | -4.25B | -4.01B | -5.21B | |
| Net Debt Issued (Repaid) | 675.00M | -4.19B | -4.00B | -1.86B | -3.27B | 5.89B |
| Issuance of Common Stock | 532.00M | |||||
| Repurchase of Common Stock | -54.00M | -637.00M | -162.00M | |||
| Other Financing Activities | -99.00M | -115.00M | -21.00M | -32.00M | -74.00M | -27.00M |
| Financing Cash Flow | 522.00M | -4.95B | -4.18B | -1.89B | -3.35B | 6.40B |
| Miscellaneous Cash Flow Adjustments | -2.00M | -1.00M | ||||
| Net Cash Flow | -77.00M | -2.87B | 2.61B | -1.09B | -11.11B | 6.79B |
| Free Cash Flow | 1.12B | 2.56B | 3.83B | -260.00M | 1.25B | -40.00M |
| Free Cash Flow Margin | 1.70% | 4.33% | 6.71% | -0.48% | 2.77% | -0.16% |
| Free Cash Flow Per Share | 3.41 | 7.78 | 11.49 | -0.78 | 3.78 | -0.12 |
| Levered Free Cash Flow | -576.12M | 1.10B | 1.60B | -1.65B | 781.75M | 618.12M |
| Unlevered Free Cash Flow | 53.75M | 1.75B | 2.31B | -683.12M | 1.67B | 1.43B |
| Cash Interest Paid | 1.33B | 1.33B | 1.49B | 1.85B | 1.57B | 1.42B |
| Cash Income Tax Paid | 62.00M | 62.00M | 88.00M | 7.00M | 8.00M | |
| Change in Working Capital | 1.19B | 1.19B | 1.90B | 664.00M | 2.25B | 1.67B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 33.87B | 36.20B | 31.93B | 13.53B | 12.33B | 14.18B |
| Enterprise Value | 53.51B | 54.19B | 51.13B | 33.15B | 32.01B | 36.05B |
| Last Close Price | 104.24 | 111.82 | 97.10 | 41.26 | 37.70 | 43.78 |
| PE Ratio | 9.54 | 10.80 | 10.14 | 5.17 | 16.72 | |
| Forward PE | 11.99 | 9.05 | 7.80 | 4.79 | 5.46 | 113.95 |
| PS Ratio | 0.52 | 0.61 | 0.56 | 0.25 | 0.27 | 0.57 |
| PB Ratio | 1.91 | 2.37 | 2.52 | 1.45 | 1.79 | 2.82 |
| P/TBV Ratio | 3.20 | 4.47 | 5.84 | 6.53 | ||
| P/FCF Ratio | 30.35 | 14.16 | 8.34 | 9.88 | ||
| P/OCF Ratio | 4.15 | 4.29 | 3.38 | 1.96 | 2.03 | 6.86 |
| PEG Ratio | 0.94 | 0.87 | 0.08 | 1.47 | 1.47 | |
| EV/Sales Ratio | 0.82 | 0.92 | 0.90 | 0.62 | 0.71 | 1.46 |
| EV/EBITDA Ratio | 7.60 | 6.99 | 6.46 | 4.31 | 6.59 | |
| EV/EBIT Ratio | 12.51 | 10.64 | 9.62 | 6.27 | 12.47 | |
| EV/FCF Ratio | 47.95 | 21.19 | 13.35 | 25.67 | ||
| Debt / Equity Ratio | 1.93 | 2.03 | 2.65 | 3.94 | 5.41 | 8.16 |
| Debt / EBITDA Ratio | 2.80 | 2.46 | 2.73 | 3.17 | 4.46 | 34.33 |
| Debt / FCF Ratio | 30.73 | 12.14 | 8.78 | 29.91 | ||
| Net Debt / Equity Ratio | 1.11 | 1.23 | 1.51 | 2.40 | 3.03 | 4.50 |
| Net Debt / EBITDA Ratio | 2.79 | 2.42 | 2.42 | 2.91 | 4.30 | -11.18 |
| Net Debt / FCF Ratio | 17.60 | 7.35 | 5.00 | -85.97 | 16.75 | -566.42 |
| Asset Turnover | 0.81 | 0.79 | 0.79 | 0.78 | 0.66 | 0.39 |
| Inventory Turnover | 25.59 | 24.94 | 23.96 | 26.75 | 30.37 | 22.32 |
| Quick Ratio | 0.65 | 0.56 | 0.71 | 0.73 | 0.91 | 1.10 |
| Current Ratio | 0.75 | 0.65 | 0.81 | 0.83 | 1.00 | 1.19 |
| Return on Equity (ROE) | 22.31% | 23.99% | 28.63% | 32.28% | 12.36% | -35.74% |
| Return on Assets (ROA) | 3.31% | 4.23% | 4.58% | 4.78% | 2.37% | -4.24% |
| Return on Invested Capital (ROIC) | 9.49% | 12.04% | 12.65% | 13.76% | 6.89% | -15.50% |
| Return on Capital Employed (ROCE) | 7.30% | 10.10% | 10.50% | 10.80% | 5.40% | -8.70% |
| Earnings Yield | 10.48% | 9.26% | 9.86% | 19.34% | 5.98% | -13.85% |
| FCF Yield | 3.30% | 7.06% | 11.99% | -1.92% | 10.12% | -0.28% |
| Buyback Yield / Dilution | 0.92% | 1.41% | -0.39% | -0.55% | -2.55% | -15.21% |